Nigeria's FX Utilisation Reaches $18.34bn in Q2 2026

In the second quarter of 2026, Nigeria's foreign exchange utilisation climbed to $18.34bn, marking the highest level in nearly 15 years. This figure represents a 12.84 percent increase from $16.25bn in the first quarter and a 52.42 percent rise from $12.03bn in the same period of 2025.

The Financial Markets Dealers Association's report, based on data from the Central Bank of Nigeria, indicated that financial services accounted for $9.64bn, or 52.58 percent of total utilisation. Demand for foreign exchange was predominantly driven by services and cross-border financial transactions, with invisible transactions totalling $13.24bn, equivalent to 72.19 percent of utilisation.

This reflects a 93.16 percent increase from $6.85bn in Q2 2025. However, import-related foreign exchange utilisation declined by 1.49 percent to $5.10bn, with industrial imports falling by 22.67 percent and oil imports by 9.75 percent.

The report also noted $542.56m in unallocated invisible demand, indicating discrepancies in the reported figures.